While you probably purchased homeowners insurance upon buying your home, the plan you sign up for initially may not remain a sufficient form of coverage. There are a number of potential life milestones and events that may require you to re-evaluate your current policy or request additional policies. Below are a few of the most common situations that can affect your homeowners insurance.
3 Events That Require You to Re-Evaluate Your Homeowners Insurance
1. Beginning a Major Renovation
Whether you’re adding a room or remodeling the kitchen, home improvement projects can increase the value of your home. It’s important to report these types of changes to your insurance provider to avoid any loss vulnerability and to ensure you receive the full value of a payout in case you need to make a claim in the future.
2. Paying off Your Mortgage
After paying off your mortgage, contact your homeowners insurance company to have yourself listed as the sole owner of the home. If your lender is still on your policy and you make a claim, there could be errors in where the payout is sent. Letting your insurance company know upon mortgage payoff will help avoid any issues.
3. Starting a Home Business
Whether you’re working as an accountant or an artist, report any home business to your insurance agent. In the case of a disaster, you want to be able to claim compensation for lost inventory or for time you are unable to work, and your agent can set up any additional policies needed to make sure your business is covered in addition to your home.
When it’s time to re-evaluate your homeowners insurance policy, turn to the team at Robert Taylor Insurance in Lorain, OH. Their experienced agents can help you determine how much coverage you need and shop around for the best rates from the nation’s leading insurance providers. They’re dedicated to helping you choose the policy that works best for you. Call (440) 277-5191 to speak with a friendly agent, or visit their website to request a quote.